SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

                  Quarterly Report Under Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


           For the Period ended March 31, 1998 Commission File 2-88942

                           FAMOUS HOST LODGING V, L.P.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                    CALIFORNIA                    94 - 2933595
          -------------------------------      -------------------
          (State or other jurisdiction of       (I.R.S. Employer
          incorporation or organization)       Identification No.)


      2030 J Street
      Sacramento, California                                 95814
      --------------------------------------                --------
      Address of principal executive offices                Zip Code



      Registrant's telephone number,
      including area code                           (916) 442 - 9183

      Indicate by check mark  whether the  registrant  (1) has filed
      all  reports  required  to be filed by Section 13 or 15 (d) of
      the  Securities  Exchange Act of 1934 during the  preceding 12
      months (or for such  shorter  period that the  registrant  was
      required to file such  reports),  and (2) has been  subject to
      such filing requirements for the past 90 days.


      Yes XX   No  __











<PAGE>














                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                              FINANCIAL STATEMENTS

                             MARCH 31, 1998 AND 1997






































<PAGE>








                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                                      INDEX

Financial Statements:                                              PAGE

   Balance Sheet - March 31, 1998 and December 31, 1997            2

   Statement of Operations - Three Months Ended
   March 31, 1998 and 1997                                         3

   Statement of Changes in Partners' Equity -
   Three Months Ended March 31, 1998 and 1997                      4

   Statement of Cash Flows - Three Months Ended
   March 31, 1998 and 1997                                         5

   Notes to Financial Statements                                   6

   Management Discussion and Analysis                              7

   Other Information and Signatures                                8 - 10



























<PAGE>


                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                                  Balance Sheet
                      March 31, 1998 and December 31, 1997

                                                         3/31/98      12/31/97
                                                       ----------    ----------
                                     ASSETS
Current Assets:
   Cash and temporary investments                     $   209,674   $   146,113
   Accounts receivable                                     30,534        32,624
   Prepaid expenses                                        15,472        37,862
                                                       ----------    ----------
    Total current assets                                  255,680       216,599
                                                       ----------    ----------

Property and Equipment:
   Buildings                                            4,077,604     4,077,604
   Furniture and equipment                              1,304,372     1,294,151
                                                       ----------    ----------
                                                        5,381,976     5,371,755
   Accumulated depreciation                            (3,255,299)   (3,190,183)
                                                       ----------    ----------

    Property and equipment, net                         2,126,677     2,181,572
                                                       ----------    ----------

Other Assets:                                              32,294        32,294
                                                       ----------    ----------

    Total Assets                                      $ 2,414,651   $ 2,430,465
                                                       ==========    ==========

                        LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Accounts payable and accrued liabilities           $   316,540   $   176,765
                                                       ----------    ----------
    Total liabilities                                     316,540       176,765
                                                       ----------    ----------

Contingent Liabilities (See Note 1)

Partners' Equity:
   General Partners                                         2,659         3,385
   Limited Partners                                     2,095,452     2,250,315
                                                       ----------    ----------
    Total partners' equity                              2,098,111     2,253,700
                                                       ----------    ----------

Total Liabilities and Partners' Equity                $ 2,414,651   $ 2,430,465
                                                       ==========    ==========



    The accompanying notes are an integral part of the financial statements.
 
                                      2
<PAGE>

                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                             Statement of Operations
               For the Three Months Ending March 31, 1998 and 1997

                                                      Three Months  Three Months
                                                          Ended         Ended
                                                         3/31/98       3/31/97
                                                       ----------    ----------

Income:
    Hotel room                                        $   652,776   $   704,139
    Restaurant                                            135,024       154,235
    Telephone and vending                                  12,994        14,480
    Interest                                                  801         1,692
    Other                                                  13,292         9,880
                                                       ----------    ----------
     Total Income                                         814,887       884,426
                                                       ----------    ----------

Expenses:
    Motel operating expenses (Note 2)                     629,363       652,966
    General and administrative                            152,477        22,756
    Depreciation and amortization                          65,116        69,753
    Property management fees                               40,518        44,213
                                                       ----------    ----------
     Total Expenses                                       887,474       789,688
                                                       ----------    ----------

    Net Income (Loss)                                 $   (72,587)  $    94,738
                                                       ==========    ==========

Net Income (Loss) Allocable
 to General Partners                                        ($726)         $947
                                                       ==========    ==========

Net Income (Loss) Allocable
 to Limited Partners                                     ($71,861)      $93,791
                                                       ==========    ==========

Net Income (Loss)
 per Partnership Unit                                      ($7.97)       $10.40
                                                       ==========    ==========

Distribution to Limited Partners
 per Partnership Unit                                       $9.20         $9.20
                                                       ==========    ==========








    The accompanying notes are an integral part of the financial statements.

                                       3
<PAGE>

                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                    Statement of Changes in Partners' Equity
               For the Three Months Ending March 31, 1998 and 1997

                                                          1998          1997
                                                       ----------    ----------

General Partners:
 Balance at beginning of year                         $     3,385   $     3,836
 Net income (loss)                                           (726)          947
                                                       ----------    ----------
  Balance at end of period                                  2,659         4,783
                                                       ----------    ----------


Limited Partners:
 Balance at beginning of year                           2,250,315     2,626,948
 Net income (loss)                                        (71,861)       93,791
 Distributions to limited partners                        (83,002)      (83,002)
                                                       ----------    ----------
  Balance at end of period                              2,095,452     2,637,737
                                                       ----------    ----------

  Total Partners' Equity                              $ 2,098,111   $ 2,642,520
                                                       ==========    ==========





























    The accompanying notes are an integral part of the financial statements.

                                       4
<PAGE>
                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                             Statement of Cash Flows
               For the Three Months Ending March 31, 1998 and 1997

                                                          1998           1997
                                                       ----------    ----------
Cash flows from operating activities:
 Received from hotel and restaurant revenues          $   816,176   $   873,307
 Expended for hotel and restaurant operation
  and general and administrative expenses                (660,193)     (645,610)
 Interest received                                            801         1,187
                                                       ----------    ----------
    Net cash provided (used) by operating activities      156,784       228,884
                                                       ----------    ----------

Cash flows from investing activities:
 Purchases of property and equipment                      (10,221)      (20,648)
 Proceeds from sale of equipment                             -              230
                                                       ----------    ----------
    Net cash provided (used) by investing activities      (10,221)      (20,418)
                                                       ----------    ----------

Cash flows from financing activities:
 Distributions paid to limited partners                   (83,002)      (83,002)
                                                       ----------    ----------
    Net cash provided (used) by operating activities      (83,002)      (83,002)
                                                       ----------    ----------

    Net increase in cash and temporary investments         63,561       125,464

    Cash and Temporary Investments:
       Beginning of year                                  146,113       246,283
                                                       ----------    ----------
          End of Period                               $   209,674   $   371,747
                                                       ==========    ==========

Reconciliation of net income (loss) to net cash provided (used) by operating
activities:
 Net income (loss)                                    $   (72,587)  $    94,738
                                                       ----------    ----------
 Adjustments to reconcile net income to net 
  cash used by operating activities:
   Depreciation and amortization                           65,116        69,753
   Gain on disposition of property and equipment             -             (230)
   (Increase) decrease in accounts receivable               2,090        (9,932)
   (Increase) decrease in prepaid expenses                 22,390        18,031
   Increase (decrease) in accounts payable
    and accrued liabilities                               139,775        56,524
                                                       ----------    ----------
          Total adjustments                               229,371       134,146
                                                       ----------    ----------
          Net cash provided (used) by
            operating activities                      $   156,784   $   228,884
                                                       ==========    ==========

    The accompanying notes are an integral part of the financial statements.

                                       5
<PAGE>

                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                          Notes to Financial Statements
                             March 31, 1998 and 1997

Note 1:
The attached interim financial  statements include all adjustments which are, in
the opinion of management,  necessary to a fair statement of the results for the
period presented.

Users  of  these  interim  financial  statements  should  refer  to the  audited
financial  statements  for the year  ended  December  31,  1997  for a  complete
disclosure  of  significant  accounting  policies and practices and other detail
necessary for a fair presentation of the financial statements

In accordance  with the  partnership  agreement,  the following  information  is
presented  related to fees paid to the General  Partners or  affiliates  for the
period.

   Property Management Fees                           $40,518

In February,  1991 the Partnership  terminated its franchise and its affiliation
with Super 8 Motels, Inc. and began operating as a Holiday Inn. Accordingly,  no
franchise or  advertising  fees have been paid to the General  Partners or their
affiliates for the period

Partnership  management  fees  and  subordinated  incentive   distributions  are
contingent  in nature  and none have been  accrued or paid  during  the  current
period.

Note 2:
The following table summarizes the major components of hotel operating  expenses
for the periods reported:
                                                      Three Months  Three Months
                                                          Ended         Ended
                                                         3/31/98       3/31/97
                                                       ----------    ----------
Salaries and related expenses                         $   200,632   $   213,730
Cost of food and beverage                                  47,639        60,548
Rent                                                       75,321        81,817
Franchise, advertising and reservation fees                46,533        49,846
Utilities                                                  42,907        43,581
Allocated costs, mainly indirect salaries                  49,761        44,110
Renovations and replacements                                3,797         4,080
Other operating expenses                                  162,773       155,254
                                                       ----------    ----------
 Total hotel and restaurant operating expenses        $   629,363   $   652,966
                                                       ==========    ==========

The following  additional material  contingencies are required to be restated in
interim reports under federal securities law: None.






                                       6
<PAGE>


                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                                 MARCH 31, 1998


LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 1998, the Partnership has current assets of $255,680 and current
liabilities of $316,540.  This deficit was created by capital  expenditures from
cash reserves during previous years.  The Statement of Cash Flows shows net cash
flows of $63,561 for the three  months  ending  March 31, 1998 (after an $83,002
distribution to the Limited Partners).

The  Partnership  expended for renovations  and  replacements  $14,017 (of which
$10,221 was capitalized)  during the period covered by this report.  Included in
these  expenditures was $5,221 for guest room carpet  replacement and $5,000 for
new faces on the restaurant signs.

RESULTS OF OPERATIONS

The following is a comparison  of operating  results for the three month periods
ended March 31, 1998 and March 31, 1997.

Total income decreased $69,539 or 7.9%. Hotel room revenues decreased $51,363 or
7.3%,  due to a decrease in guest room  occupancy from 80.1% in 1997 to 72.9% in
1998 which was  partially  offset by an increase  in the average  room rate from
$66.03 in 1997 to $67.23 in 1998. The decrease in occupancy was due primarily to
reduced  military  activity at Fort Irwin in 1998 as compared to the same period
in 1997.  In 1997 the  annual  training  event at Fort  Irwin was held in March,
while  that  event for 1998 has not yet been  announced.  The  $19,211  or 12.5%
decrease in restaurant revenue was due to a reduction in the restaurant hours of
operations from 16 hours daily to 7 hours daily.

Total  expenditures  increased $97,786 or 12.4%. The increase in expenses is due
to  increases  in the  minimum  wage and to legal,  appraisal  and  other  costs
associated with the potential partnership liquidation.

FUTURE TRENDS

The  General  Partners  expect  the  hotel's   performance  during  1998  to  be
substantially   unchanged  from  1997.  Changes  in  restaurant   personnel  and
procedures  are  expected to continue  bringing  improved  results.  The General
Partners  expect that these  changes  will result in a reduction in the net loss
experienced by the restaurant operation.

As  discussed  in  more  detail  in  the  following   section   labeled   "Legal
Proceedings,"  the General Partners have agreed to offer the motels for sale and
to present  any offer that equal or exceeds 75% of the  appraised  value for the
approval of the Limited Partners.

In the opinion of management, these financial statements reflect all adjustments
which were  necessary  to a fair  statement  of results for the interim  periods
presented. All adjustments are of a normal recurring nature.

                                       7
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

On October 27, 1997 a complaint was filed in the United States  District  Court,
Eastern District of California by the registrant,  the Managing General Partner,
and  four  other  limited  partnerships  (together  with  the  registrant,   the
"Partnerships")  as to which the  Managing  General  Partner  serves as  general
partner (i.e.,  Super 8 Motels,  Ltd.,  Super 8 Motels II, Ltd.,  Super 8 Motels
III, Ltd. and Super 8 Economy  Lodging IV, Ltd.),  as plaintiffs.  The complaint
named as defendants  Everest/Madison  Investors, LLC, Everest Lodging Investors,
LLC, Everest Properties, LLC, Everest Partners, LLC, Everest Properties II, LLC,
Everest  Properties,  Inc., W. Robert  Kohorst,  David I. Lesser,  The Blackacre
Capital Group,  L.P.,  Blackacre Capital  Management  Corp.,  Jeffrey B. Citron,
Ronald J.  Kravit,  and  Stephen P.  Enquist ( the  "Everest  Defendants").  The
factual basis underlying the plaintiffs'  causes of actions  pertained to tender
offers  directed  by  certain  of the  defendants  to  limited  partners  of the
Partnerships,  and to  indications of interest made by certain of the defendants
in purchasing  the property of the  Partnerships.  The  complaint  requested the
following  relief:  (i) a declaration  that each of the  defendants had violated
Sections  13(d),  14(d) and 14(e) of the  Securities  Exchange  Act of 1934 (the
"Exchange Act"), and the rules and regulations promulgated by the Securities and
Exchange  Commission  thereunder;   (ii)  a  declaration  that  certain  of  the
defendants  had  violated  Section  15(a) of the  Exchange Act and the rules and
regulations thereunder; (iii) an order permanently enjoining the defendants from
(a)  soliciting  tenders  of  or  accepting  for  purchase   securities  of  the
Partnerships,  (b)  exercising  any voting  rights  attendant to the  securities
already acquired, (c) soliciting proxies, and (d) violating Sections 13 or 14 of
the Exchange Act or the rules and regulations  promulgated  thereunder;  (iv) an
order enjoining  certain of the defendants  from violating  Section 15(a) of the
Exchange Act and the rules and regulations promulgated thereunder;  (v) an order
directing  certain of the defendants to offer to each person who sold securities
to such  defendants the right to rescind such sale; and (vi) a declaration  that
the  Partnerships  need not provide to the defendants a list of limited partners
in the Partnerships or any other information  respecting the Partnerships  which
is not publicly available.

On October 28, 1997 a complaint was filed in the Superior  Court of the State of
California,   Sacramento   County  by  Everest   Lodging   Investors,   LLC  and
Everest/Madison  Investors,  LLC, as plaintiffs,  against  Philip B.  Grotewohl,
Grotewohl Management Services,  Inc., Kenneth M. Sanders,  Robert J. Dana, Borel
Associates,  and BWC  Incorporated,  as  defendants,  and the  Partnerships,  as
nominal defendants.  The factual basis underlying the causes of action pertained
to the  receipt  by the  defendants  of  franchise  fees  and  reimbursement  of
expenses,  the  indications of interest made by the plaintiffs in purchasing the
properties of the nominal defendants,  and the alleged refusal of the defendants
to provide  information  required by the terms of the Partnerships'  partnership
agreements and California law. The complaint requested the following relief: (i)
a  declaration  that the action has a proper  derivative  action;  (ii) an order
requiring the defendants to discharge their fiduciary duties to the Partnerships
and to enjoin them from breaching their fiduciary duties;  (iii) disgorgement of
certain profits; (iv) appointment of a receiver; and (v) an award for damages in
an amount to be determined.




                                       8
<PAGE>


                     PART II. OTHER INFORMATION (Continued)


On February 20, 1998, the parties  entered into a settlement  agreement and both
of the above complaints were dismissed.  Pursuant to the terms of the settlement
agreement,  among other things,  the General  Partner has agreed to proceed with
the marketing for sale of the  properties  of the  Partnerships,  if by June 30,
1998, it receives an offer to purchase one or more  properties  for a cash price
equal to 75% or more of the appraised  value.  In addition,  the General Partner
has agreed to submit the offer for approval to the limited  partners as required
by the  partnership  agreements and applicable law. The General Partner has also
agreed that upon the sale of one or more properties,  to distribute promptly the
proceeds of the sale after  payment of payables and retention of reserves to pay
anticipated expenses. The Everest Defendants agreed not to generally solicit the
acquisition of any  additional  units of the  Partnerships  without first filing
necessary  documents with the SEC. Under the terms of the settlement  agreement,
the  Partnerships  have agreed to reimburse the Everest  Defendants  for certain
costs not to exceed  $60,000,  to be allocated among the  Partnerships.  Of this
amount,  the Partnership will pay approximately  $12,000 during the year covered
by this report.

Item 2.  Changes in Securities

           None

Item 3.  Defaults upon Senior Securities

           None

Item 4.  Submission of Matter to the Vote of Security Holders

           None

Item 5.  Other Information

           See Notes to Financial Statements

Item 6.  Exhibits and Reports on Form 8-K

           None
















                                       9
<PAGE>





                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.





                                           FAMOUS HOST LODGING V, L.P.

    4-30-98                                 By /S/ Philip B. Grotewohl
    -------                                    -------------------------
     Date                                      Philip B. Grotewohl,
                                               Chairman of Grotewohl
                                               Management Services, Inc.,
                                               Managing General Partner

    4-30-98                                 By /S/ Philip B. Grotewohl
    -------                                    -------------------------
     Date                                      Philip B. Grotewohl,
                                               Chief executive officer,
                                               chief financial officer,
                                               chief accounting officer
                                               and sole director of
                                               Grotewohl Management
                                               Services, Inc., Managing
                                               General Partner
























                                       10